British Rich Severely "Soaked”

Northern Advocate, 1 December 1939, Page 6

British Rich Severely "Soaked”

LONDON, November 29

“I have not shown unwillingness greatly to burden the very rich,” said the Chancellor of the Exchequer (Sir John Simon) in the House of Commons. “There are ten thousand in this country with an annual income of £IO,OOO or more, and whose aggregate income is £180,000,000. From that ’ total I take £120,000,000 in income tax and sur tax. “If I took it all, it would be 5 per cent, of the amount I shall need to borrow this year, and it would keep the country going for only seven to 10 days. “Only a Fraction”

sur tax,

“Moreover, I take an additional £40,000,000 from this group a year in, death duties, making £160,000,000 a year. “The rich are already severely ‘soaked.’ > “There are not enough of them to find any considerable fraction of the money needed. “The taxation of big incomes can reach a point where it gravely interferes with the fulfilment of obligatiofis. All Must Bear Burden “Therefore the only way in which democracy can meet its terrible burden is by sacrifices by, the whole of the population. “It is impossible to maintain a peacetime standard of living. “It is said victory in this war might he an empty shell, but defeat would mean the triumph of a system under which no man could call his soul his own.

“The stake for which we are fighting is the benefit of every single citizen.”